House prices continue to decline

Average house prices continue to move in a downward trend after a third consecutive month of lower figures, the latest Your Move England and Wales House Price Index suggests.

The average house price in June was £301,114, down 0.2% on May.

Despite the monthly decrease, the broad trend over the last year remains a modest rise and prices are still 3.8% or £11,037 up on this time last year.

The index reveals the east of England shows strong annual growth with an increase of 6%; whilst Westminster sets a new peak price of £1,865,843 – an annual rise of 19.7%.

Transaction levels in June saw a monthly increase of 10% which is marginally ahead of the increase expected. Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Don’t write the market off just yet.

“Mortgage rates are still affordable and the slow down we have seen will already have helped some buyers struggling with affordability.